Agent*

2015 07 01 | Category: Offshore Glossary

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Agent*
An individual or firm authorized to represent and act on behalf of another person or business (called the principal) in transactions involving a third party. Unlike an employee who merely works for the principal, an agent works in place of the principal. Agent is subject to control and orders of the principal, but he does not have a title to the principal’s property and does not assume any financial risk in the transaction.


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